Gold Holds Firm Amid Uncertain Iran Signals
Gold prices strengthened during early European trading on Tuesday (August 4). Around 15:56 WIB, spot gold traded in the range of US$4,061.80–US$4,061.96 per troy ounce, up approximately 0.2% from the previous session.
Gold's gains were supported by uncertainty surrounding US-Iran relations. Washington stated that talks were ongoing, while Tehran denied the existence of direct negotiations. These conflicting statements sustained demand for gold as a safe-haven asset.
The market is also assessing the Federal Reserve's policy direction after the central bank maintained interest rates. Investors are weighing two opposing sentiments: persistent inflation risks and signs of slowing economic momentum.
Attention now shifts to US labor market data, ranging from job openings and ADP reports to Friday's Nonfarm Payrolls. Weaker data could pressure the dollar and support gold, whereas strong results might increase the likelihood of an interest rate hike.
Newsmaker Analysis: Gold retains the potential to strengthen as long as it holds above US$4,050. A breakout above the US$4,070–US$4,080 zone could pave the way to US$4,100. Conversely, a drop below US$4,050 risks pushing prices back to retest the US$4,030–US$4,020 level. (yds)
Source: Newsmaker.id
